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Financing Replacement: 89 Unit Multi-Family • Santa Barbara, CA
When you start a multi-family development, your financing is designed to be in place throughout the construction cycle allowing you to meet key deadlines and avoid costly delays. What happens if your lender places restrictive covenants that prevent timely access to necessary funds?
After making headway developing a 89-unit multi-family project, our client found their lender made it too difficult to draw on the loan. To help keep their project on time and on budget, he engaged F&M Bank with the goal of obtaining a new construction loan, despite already being under development.
Understanding that time is of utmost importance for developers, F&M performed extensive due diligence and recognized the experience of this multi-family investor and developer to create a loan solution that would replace existing financing and give them the flexibility needed to meet deadlines.
A Custom-Tailored Solution
Farmers & Merchants Bank provided a $27 million dollar construction to perm loan at a 60% loan-to-cost. To help the developer throughout the construction phase, the loan was designed to be interest-only with a variable rate during the construction period and to convert to a fixed-rate once the certificate of occupancy was received.
F&M Bank offers a wide array of commercial products and can create a tailored solution to help with your commercial lending needs.
- Commercial Property Purchase and Refinance
- Construction Loans
- Owner-occupied and Investment
- Retail, Industrial, and Mixed-Use
- On-Site Decision Making for Fast Answers
- Non-Profit and Houses of Worship
- No Prepayment Penalties
- No-Point Options Available
- Competitive Rates and Terms
C.J. Walker founded Farmers & Merchants Bank more than years ago based on the principles of Honesty, Integrity, The Home, The Church, and Service Above Self. Today, Fourth Generation Chairman of the Board and CEO Daniel K. Walker, his brother President W. Henry Walker and their father Kenneth Walker, President of the Main Office, manage the Bank.
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has $9.4 Billion in assets, and 25 branches across Orange County, Long Beach, the South Bay and Santa Barbara. The Bank specializes in commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts.
Following the Walker tradition of giving back to the community, the Bank continues to donate over $2 million each year to charities, non-profit organizations, and religious entities.All loans are subject to credit approval.
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